• A rendering of Iconic Tower, which will be the tallest building in Africa once it is completed. All images courtesy of Dar Al-Handasah
    A rendering of Iconic Tower, which will be the tallest building in Africa once it is completed. All images courtesy of Dar Al-Handasah
  • Iconic Tower will sit at the heart of the Capital Business District (CBD), being built in Cairo’s New Administrative Capital.
    Iconic Tower will sit at the heart of the Capital Business District (CBD), being built in Cairo’s New Administrative Capital.
  • Iconic Tower will stand at 385 metres high.
    Iconic Tower will stand at 385 metres high.
  • The concrete structure of the 385-metre Iconic Tower was completed in June and the steel structure is expected to be finished in August. The completed building is scheduled to be ready in the first quarter of 2022.
    The concrete structure of the 385-metre Iconic Tower was completed in June and the steel structure is expected to be finished in August. The completed building is scheduled to be ready in the first quarter of 2022.
  • Iconic Tower will be one of 20 skyscrapers in the district.
    Iconic Tower will be one of 20 skyscrapers in the district.
  • Work on the Iconic Tower began in May 2018 and construction started in 2019.
    Work on the Iconic Tower began in May 2018 and construction started in 2019.
  • The project is being jointly implemented by the Egyptian Ministry of Housing and CSCEC, one of the world’s largest contracting companies.
    The project is being jointly implemented by the Egyptian Ministry of Housing and CSCEC, one of the world’s largest contracting companies.
  • Built on an area of 65,000 square metres, the Iconic Tower – about half the height of the Burj Khalifa – will have 78 floors and two basement levels.
    Built on an area of 65,000 square metres, the Iconic Tower – about half the height of the Burj Khalifa – will have 78 floors and two basement levels.
  • The first 40 floors will be offices, 10 will be branded apartments and 30 will be a five-star hotel.
    The first 40 floors will be offices, 10 will be branded apartments and 30 will be a five-star hotel.
  • There will be an observation deck on the 74th floor, where visitors can see the new capital at least 360 metres from the ground.
    There will be an observation deck on the 74th floor, where visitors can see the new capital at least 360 metres from the ground.
  • The previous holder of the tallest building in Africa title is the 234-metre The Leonardo.
    The previous holder of the tallest building in Africa title is the 234-metre The Leonardo.

Iconic Tower: Tallest skyscraper in Africa rises from the desert in Egypt’s New Administrative Capital


Nada El Sawy
  • English
  • Arabic

Three years in the making, Africa’s tallest skyscraper has risen in the desert, 45 kilometres east of the Nile and the centre of Cairo.

The concrete structure of the 385-metre Iconic Tower was completed in June, and the steel structure is expected to be finished in August. The completed building is scheduled to be ready in the first quarter of 2022.

It will be the centrepiece among the 20 towers of the Central Business District (CBD) in the New Administrative Capital, a megaproject launched by Egyptian President Abdel Fattah El Sisi in 2015.

“This is a new era for Egypt – to enter into skyscrapers and super-tall buildings,” says Ahmed Al Banna, project manager for the CBD from Dar Al-Handasah, the designer and supervision consultant.

“The Iconic Tower itself will be the symbol and trademark for the new capital. It will show the seriousness of the government and the president to have a new capital with all the facilities.”

The Capital Business District (CBD) being built in Cairo’s New Administrative Capital. Dar Al-Handasah
The Capital Business District (CBD) being built in Cairo’s New Administrative Capital. Dar Al-Handasah

What is in the New Administrative Capital?

The new administrative capital – roughly the size of Singapore – is being designed as a high-tech, environmentally friendly city that includes a presidential compound, government ministries, offices, hotels, retail outlets, residential areas, sports facilities, schools and universities, a monorail, a giant park and the 35-kilometre Green River.

A main goal of the $45 billion project is to relieve congestion in Cairo, which is one of the world’s most crowded cities with a population of about 20 million, as well as create jobs and boost the economy.

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The relocation of civil servants will begin in July and an official opening is planned for the end of this year, even though the first of three phases is not yet complete.

What is in the Central Business District?

The Central Business District is being built by China State Construction Engineering Corporation (CSCEC) with a $3.5 billion loan from China.

"The goal is for this to be a business hub for all of Egypt," Khaled El Husseiny, spokesman for the New Administrative Capital, tells The National.

The budget for the 81-hectare district has now reached $3.85bn, according to Al Banna.

The Green River will flow through the Capital Park at the centre of the district. There will also be two crescent-shaped buildings that will include branded apartments and retail outlets.

“The CBD itself will be a complete city,” Al Banna says.

In addition to Iconic Tower, the 20 towers being built include 12 office buildings, five residential buildings and two hotels.

Concrete work on the office towers is complete and the facade work is about 70 per cent done, while skeletal work on the residential buildings and hotels is still in progress.

“Starting from the beginning of 2022, we will hand over some office towers two by two,” Al Banna says.

The residential buildings will also be handed over in 2022, but the Iconic Tower and two hotels will only be completely ready by the first quarter of 2023.

“The finished works will be very sophisticated,” Al Banna says. “The structure will be finished, but we have a lot of internal work until we hand over.”

A rendering of Iconic Tower. The Capital Business District (CBD) being built in Cairo’s New Administrative Capital. The 20 skyscrapers in the district include the 385-metre Iconic Tower, which will be the tallest building in Africa. Dar Al-Handasah
A rendering of Iconic Tower. The Capital Business District (CBD) being built in Cairo’s New Administrative Capital. The 20 skyscrapers in the district include the 385-metre Iconic Tower, which will be the tallest building in Africa. Dar Al-Handasah

What will the Iconic Tower be like?

Dar Al-Handasah, an architectural firm founded in Beirut in 1956 with a principal design centre in Cairo, began work on the Iconic Tower in May 2018, with construction starting in 2019.

The project is being jointly implemented by the Egyptian Ministry of Housing, Utilities & Urban Communities and CSCEC, one of the world's largest contracting companies with about 1.62 trillion yuan ($250bn) revenue in 2020.

Built on an area of 65,000 square metres, the Iconic Tower – about half the height of the Burj Khalifa – will have 78 floors and two basement levels.

The first 40 floors will be offices, 10 will be branded apartments and 30 will be part of a five-star hotel.

There will be an observation deck on the 74th floor, where visitors can see the new capital at least 360 metres from the ground.

In comparison, the Cairo Tower – formerly the tallest building in Egypt and North Africa – is 187 metres. Elsewhere, the previous holder of the tallest building in Africa title is the 234-metre The Leonardo, a 55-floor, mixed-use property development in Johannesburg, South Africa.

What about the tower that was meant to be taller than the Burj Khalifa?

The Oblisco Capitale, a 1-kilometre tower in the shape of an Egyptian obelisk, was presented as a concept for the new capital, but it never came to fruition.

Ehab Mokhtar, managing director and chief designer at Idia Design, designed the tower at the request of El Nasr Housing & Development in 2017.

The visionary behind the project was Sayed Touba, the chief executive and chairman of the construction company, but he has since died.

The investment capital required was also a huge challenge and the Iconic Tower went ahead in the meantime.

“To have two towers at the same time coming up makes no sense for many stakeholders, so they decided to put this project on the side for a while,” Mokhtar said.

Although the project is on hold, Mokhtar said he hopes the architecture, which draws from both the Pharaonic and Art Deco styles, will inspire others.

He said the Central Business District is “more Dubai-like – which is good. But at the end of the day, it’s the new capital of Egypt, and Egypt is the source of inspiration for many things, so we should have something that shows our identity”.

Dubai World Cup draw

1. Gunnevera

2. Capezzano

3. North America

4. Audible

5. Seeking The Soul

6. Pavel

7. Gronkowski

8. Axelrod

9. New Trails

10. Yoshida

11. K T Brave

12. Thunder Snow

13. Dolkong 

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

'The Woman in the House Across the Street from the Girl in the Window'

Director:Michael Lehmann

Stars:Kristen Bell

Rating: 1/5

Multitasking pays off for money goals

Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.

That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.

"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.

Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."

People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.

"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."

Info

What: 11th edition of the Mubadala World Tennis Championship

When: December 27-29, 2018

Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams

Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823

Three ways to get a gratitude glow

By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.

  • During your morning skincare routine, name five things you are thankful for about yourself.
  • As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
  • In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
Overview

What: The Arab Women’s Sports Tournament is a biennial multisport event exclusively for Arab women athletes.

When: From Sunday, February 2, to Wednesday, February 12.

Where: At 13 different centres across Sharjah.

Disciplines: Athletics, archery, basketball, fencing, Karate, table tennis, shooting (rifle and pistol), show jumping and volleyball.

Participating countries: Algeria, Bahrain, Comoros, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Saudi Arabia, Sudan, Syria, Tunisia, Qatar and UAE.

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
%3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.3-litre%20turbo%204-cyl%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E298hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E452Nm%3Cbr%3E%3Cstrong%3ETowing%20capacity%3A%20%3C%2Fstrong%3E3.4-tonne%3Cbr%3E%3Cstrong%3EPayload%3A%20%3C%2Fstrong%3E4WD%20%E2%80%93%20776kg%3B%20Rear-wheel%20drive%20819kg%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EPrice%3A%20Dh138%2C945%20(XLT)%20Dh193%2C095%20(Wildtrak)%3Cbr%3E%3Cstrong%3EDelivery%3A%3C%2Fstrong%3E%20from%20August%3C%2Fp%3E%0A
Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

UAE currency: the story behind the money in your pockets
Contracted list

Ashton Agar, Alex Carey, Pat Cummins, Aaron Finch, Peter Handscomb, Josh Hazlewood, Travis Head, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Shaun Marsh, Mitchell Marsh, Tim Paine, Matt Renshaw, Jhye Richardson, Kane Richardson, Billy Stanlake, Mitchell Starc, Marcus Stoinis, Andrew Tye.

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Essentials

The flights

Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes. 
 

The stay

A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.

First Person
Richard Flanagan
Chatto & Windus 

Unresolved crisis

Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.

Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.

The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.

SPEC SHEET

Display: 6.8" edge quad-HD  dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz

Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core

Memory: 8/12GB RAM

Storage: 128/256/512GB/1TB

Platform: Android 12

Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW

Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps

Front camera: 40MP f/2.2

Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare

Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC

I/O: USB-C

SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano

Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red

Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206.5-litre%20V12%20and%20three%20electric%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E1%2C015hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C500Nm%20(estimate)%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Eight-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Early%202024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh2%20million%20(estimate)%3C%2Fp%3E%0A
England XI for second Test

Rory Burns, Keaton Jennings, Ben Stokes, Joe Root (c), Jos Buttler, Moeen Ali, Ben Foakes (wk), Sam Curran, Adil Rashid, Jack Leach, James Anderson

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Empire of Enchantment: The Story of Indian Magic

John Zubrzycki, Hurst Publishers